MARTIN Property Group has acquired the Virgin Hotel on Clyde Street, Glasgow out of receivership for an undisclosed sum.
The 17-storey hotel originally opened with 165 bedrooms in August 2023 as a part completed scheme, prior to its sudden closure the following December.
The hotel is said to provide significant potential for further development and Martin Property Group intends completing the additional 77 bedrooms and is also considering introducing a gym, function suite, whisky bar, and coffee shop.
Martin Property Group was represented by property consultants Graham + Sibbald.
Anthony Jackson, investment director, Martin Property Group, said, “The Virgin Hotel was a perfect fit for our investment and development criteria, Graham + Sibbald’s local knowledge and specialist national hotel expertise played a key part in facilitating the deal. We intend completing the hotel and reopening it as soon as possible.”
Hugh Anderson, hotel + leisure partner, Graham + Sibbald, added, “The Virgin Hotel provides a great market opportunity for our client. We look forward to continuing to work with the team to ensure a successful completion and reopening.”
Peter Fleming, investment director, Graham + Sibbald, stated, “Glasgow remains a robust market for investors and it will be great to see the building being used again for its intended purpose. We wish the team at Martin Property Group all the best with the reopening of the hotel.”
